Soochow Securities·2026-03-30 03:39Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 15.36 billion yuan in 2025, representing a year-on-year increase of 26.2% [7] - The net profit attributable to shareholders reached 5.634 billion yuan, up 68.2% year-on-year, with an earnings per share (EPS) of 0.65 yuan [7] - The company's return on equity (ROE) improved to 7.0%, an increase of 2.9 percentage points year-on-year [7] Revenue and Profitability - The company's total revenue is projected to grow from 12.172 billion yuan in 2024 to 19.152 billion yuan by 2028, with a compound annual growth rate (CAGR) of approximately 6.66% [1] - The net profit is expected to increase from 3.35 billion yuan in 2024 to 7.352 billion yuan in 2028, reflecting a CAGR of about 6.66% [1] - The latest diluted EPS is forecasted to rise from 0.39 yuan in 2024 to 0.87 yuan in 2028 [1] Business Segments Performance - Brokerage business revenue increased by 16.1% to 2.92 billion yuan in 2025, accounting for 19.0% of total revenue [7] - Investment banking revenue rose by 28.5% to 1.5 billion yuan, with a significant increase in equity underwriting [7] - Asset management revenue grew by 1.2% to 1.36 billion yuan, with total assets under management reaching 286.8 billion yuan, a 32.4% increase year-on-year [7] Market Position and Valuation - The company's market capitalization is approximately 77.4 billion yuan, with a price-to-earnings (P/E) ratio of 13.74 based on the latest diluted EPS [5] - The projected price-to-book (PB) ratios for 2026, 2027, and 2028 are 0.93x, 0.89x, and 0.85x, respectively [7]